Friday, July 15, 2011

Thursday 07/14: Bears hitting the throttle

The market did what I presumed it would do, it went lower. Not that surprising after the candles printed Tuesday and Wednesday. This time Bernanke couldn't lift the indices. Instead, the news he brought was in contradiction with what he said the day before, no QE3.

Meanwhile, oil retreated and gold and silver seem to be putting in a intermediate top.
Most indices are close to their 20MA and/or 50MA. Let's see if the downward momentum will be stopped here or not.

I was thinking of going long TZA, but with option expiration Friday, i'm not risking to get stopped/chopped out again...

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